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The Big Story: Why you need to get before the media?

It's not about being a media whore, but helping shape the message for consumers, says a leading broker advocating more mortgage professionals get before a hungry business media.

Video transcript below:

Jemima Codrington, Mortgage Broker News

Jemima Codrington: Let’s face it. Canada’s media is hot for anything real estate related right now. But are brokers getting their fair share of their time? I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.

We caught up with Morcan Mortgage Specialist, Marcus Tzaferis, who has appeared on both local and national newscasts. So what exactly are the benefits of appearing in front of cameras when you are a broker?

Marcus Tzaferis, Morcan Direct

Marcus Tzaferis: That’s a good question. I know personally from doing media that there were two main reasons that I looked at. The first was obviously to gain some exposure for myself, for my business and increased legitimacy. It’s great to have some video clips on the website or [view] yourself on Global or CTV, but secondarily and maybe even more importantly it was to get an unbiased opinion on mortgages and what brokers do out into the market. I find all too often that banks are speaking as to what people should be doing with their mortgages and people, you know consumers need to have an unbiased opinion as to what they should be doing.

Jemima Codrington: So after brokers have appeared on the news, what exactly can they expect?

Marcus Tzaferis: I don’t think anyone should expect you know hordes of people beating down their door because they just did a spot on CP24, but I think that you know if it’s done in conjunction with other successful practices of being a broker. So you know sending out a newsletter, you’ve got a website, you are keeping in touch with your clients, I think that it you know, them seeing you on the news or them seeing on the website that you’ve been on, you know a show or you’ve been quoted in the media, really reinforces that legitimacy and that trust with them. And you know it may motivate them to refer you to one of their friends or family members, there is definite ancillary benefits, but I don’t think that you can leave the news studio and head back to your office and sit by your phone waiting for it to start ringing.

It’s becoming a broken record. Consumer debt levels rise and there are calls for the government to tighten mortgage lending. The latest rumour involves the lowering of the maximum amortization from 30 to 25 years. Many brokers disagree with the idea, suggesting 30-year amortizations are largely used to free up cash each month, money often better spent paying down high-interest debt. In addition to amortization rumours, some lenders have recently cut or altered their products for business for self and new immigrants. Some brokers think this may be short-sighted, while others say the industry will adapt, like it has always done. On today’s Big Story, we spoke to James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc. and David Smith of Oriana Financial. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

It might have seemed like the end of the world: A competitor offering an unmatchable 2.99 per cent on a five-year fixed. Brokers were understandably concerned about the pressure it would place on them to match the historic low. In the end, it actually helped drive business for brokers, as some reported a relatively brisk demand from preapproved and new clients. MortgageBrokerNewsTV recently spoke to mortgage professionals James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc., and David Smith at Oriana Financial to get their analysis Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis

2012 is sure to be another year of challenges for mortgage brokers as they face a flat real estate market, international economic uncertainty and increased pressue from banks and the accompanying low rates. MortgageBrokerNewsTV recently spoke to some brokers at the Mortgage Alliance 2012 Kick-Off Rally in Toronto, including Dan Balfour, Lisette Amalfi, Scott Ede, and Walter and Karen Monteiro to find out how they're going to meet these industry challenges head-on.
Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

The trend towards efficiency in the industry is one that everyone has an opinion on. It’s just one of the issues in the broker/lender relationship, which drives the industry. In Part III of MortgageBrokerNewsTV’s broker panel, our group of experienced and successful brokers from across the country share their thoughts on this topic, as well as other, such as volume pooling and the broker/underwriter relationship, which has seen much debate in the industry over the past year. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

The past year has been a challenging one for brokers and the mortgage industry and it’s not going to let up in 2012. MortgageBrokerNewsTV recently spoke with some industry leaders to discuss what those challenges facing brokers and lenders are and how they might meet these challenges in the coming year. For brokers, increasing market share in the face of bank competition, a cooling housing market and trying to stay the course amidst economic uncertainty is just some of what awaits. For lenders, issues such as access to capital and potential regulatory changes around non-income qualified lending will be high on the list moving forward. On today’s Big Story, we spoke to Ron Swift of Pacific Mortgage Group, Andrew Moor of Equitable Trust and Martin Reid of Home Trust. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

The past 12 months has seen a new level reached in the competition between brokers and the Big Banks. Increasing pressure in the form of low rates has forced some brokers to compete for clients soley on rate, while others say customer service is what separates the broker industry from banks. In Part II of MortgageBrokerNewsTV’s broker panel, our group of experienced and successful brokers from across the country share their thoughts on this topic, which has seen much debate in the industry over the past year. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

An expanding market for brokers still has obstacles to overcome. They see the business-for-self market as a key growth area for an industry looking to grow originations in a slowing market. The statistics back them up with more than 22 per cent of Canadians now self-employed. These borrowers face challenges, say brokers, as lenders mitigate their risk, but policies applied across the board don’t take into account individual differences say brokers. On today’s Big Story, we spoke Sabeena Bubber of VERICO Integre Mortgage Partners, Blair Anderson of Anderson Associates and Reed Harris of VERICO Manifest Mortgage Corp. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

Do new agents and brokers receive adequate education and training? Are the provincial licensing requirements enough? MortgageBrokerNewsTV gathered a group of experienced and successful brokers from across the country for our inaugural panel discussion to get their thoughts on this topic, which has seen much debate in the industry over the past few months. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

It might best be described as herding cats – trying to control the practice of mortgage brokerages recruiting agents from competitors. Some in the industry insist it’s just the nature of the business, but increasingly there are calls for some kind of code of conduct that brokerages could agree on when it comes to recruitment practices. On today’s Big Story, we spoke to Ron De Silva of Real Mortgage Associates, Jessi Johnson of VERICO Jessi Johnson Mortgage Team and Gino Tieri of MCAP. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.